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christmas vacation in hawaii. congress is back in town, but little progress was made over the holiday to avoid the fiscal cliff and no talks have been set. the senate is due in session today, but the house has no plans to reconvene. last week, house speaker john boehner said it was up to the house to act on extending unemployment benefits. as we work through all of this, we are happy to be joined by allen capper, head of credit strategy at lloyd's for the hour. welcome back. i guess we're still shaking off the christmas turkey tryptophan, i guess they call it, and yet it feels as though it's groundhog's day. >> yes. you say shaking off the christmas blues and we're shaking still waiting to hear what happened with this fiscal cliff. we knew they would take it to the wire. there's no surprises. what concerns me, this may stretch on until january. now, this is not the first time we've been in a situation like this in my career in the markets. the opportunity is clearly markets may sell off and then an accord has to be reached. i guess a lot of people will be seeing that. >> what are you
are we in the usa imitating failure? did you know that california and new york and hawaii are also poised to hit their richest people with a greater than 50% tax rate? isn't that great? emulate france. here now is jim pethokoukis of the american enterprise institute. jim, i thought we wanted to emulate success, not furl. >> i thought so, too. listen, the president wants to run an experiment and see how high we can crank up tax rates in this country without it hurting economic growth. they're already running it in europe, in france, in great britain. the entire european experiment here has been one of tax hike austerity. even though they focus on the spending cuts, you're talking about a high tax area raising taxes even higher. we're trying to to do the same thing here. >> least the brits have the humility to acknowledge their mistake. they took the rate from 40% 050%. millionaires left the island. now they're coming back and dropping it to 45%. at least the brits have some humility. the french don't seem to have any. those socialists are going to go down with the ship. >> they're going to
'm watching for is the 17th when the president is due to take his family to hawaii. i don't think he wants to be in hawaii without a deal. something is going to come up. >> ron, what about you? >> i thought the resignation of senator jim demint, who was a staunch conservative, which was a surprise departure, tells me the republicans in many ways are throwing in the towel on this deal. he's a guy who fought tooth and nail against this thing, against raising tax rates. you may want to work from the outside in, which is the way the press is portraying this. it looks like too many republicans are beginning to throw in the towel. they may finds a compromise that isn't necessarily clinton era tax rates, something in between. but it looks like the makings of a deal. with every change on the republican side, more and more likely to happen than not. >> all right. we'll see about that. we'll be watching. obviously, very, very important for the markets. thanks. see you later. >>> let's get to bertha coombs. one company with big moves after the bell. over to you. >> maria, amarin is falling after the
his hawaii vie cation today. at the top of this hour, expecting any minute on the senate floor that harry reid might come and give us some comment and guidance here on where to expect fiscal cliff talks to go over the next 48 hours or so. we know that the house of representatives will not be in session today but speaker bain he or she conferencing in his colleagues on a phone call this afternoon, all that up against a monday deadline. now we are told by game leadership that they will advise their numbers by saturday if they are going to bring them back into washington for a vote on anything on monday if there is a deal. there you see the united states senate is coming into session is this morning. we are going to keep an eye out for those remarks from senator reid, and of course, remarks on this fiscal cliff debacle have been moving the markets throughout the past couple of weeks, wait and see what harry reid has to say. guys, not a whole lot here to give those guys consumer confidence. >> the essence of poll takes what what we are seeing now this is no surprise, push comes to
saved on at least $2,000 with this deduction. on the flip side, borrowers in washington, d.c., hawaii and california, they're getting the biggest tax benefit in the $3,000 to $4,000 range. new york and new jersey are also way up there, thanks to high home values and income. and i'm noting them because these two states need home buyers, desperately. they have some of the biggest backlogs of distressed properties and need buyers in there absorbing that distress. taking away the deduction takes away one more reason to buy. $2,000 to $5,000 a year is a big savings. but we have to keep this in perspective. you only get the deduction if you itemize an only about one-third of americans do itemize. just 27% taking the deduction. and i want to note one other thing, older americans, 54% of families ages 55 to 64 are carrying mortgage debt. that's way up from 37% in 1989, because during the housing crash they were unable to move. so that's going to hit them hard as well. especially for the next several years. melissa? >> some very interesting figures. diana, thanks for that report. back at headq
is confirming that it has plans for a sed set country in india. >>> but first, the hawaii senator daniel inouye died at the age of 8837 he's a veteran and war hero. he was the senate pro item. >>> welcome back to squawk this morning. applemaker is confirming plans for a hand set factory in indonesia. foxconn now saying no timeline has been set. it would cost $5 billion to $10 billion following worker deaths, sudz and other things foxconn and apple has set pledged to bridge a new building steemt. >>> leo g ray kowski is the asset managements. really, leo? do you oversee $178 billion? >> i have a lot of help, swroe. >> that sounds like you would have a lot more wrinkles and look a lot more haggard if you had that responsibility. if we get a cliff deal which is looking closer, are our problems over in terms of this sort of market that's been stuck in the mud for a decade, do you think? >> i think a lot depends on time frame, but no is the short answer to your question. i think, you know, markets being discounting mechanisms, i think it's very unlikely that here in the short-term, we get the type o
affected. but also hawaii, a big percent comes from defense spending. the green is nondefense. ala kass, new mexico, kentucky. so we talk about $620 billion being spread across the economy that will be individual hits to individual states and individual people that will be hit harder if this qulif does take effect. >> some sobering numbers. >>> the phrase that got the most nominations on the list of words to be banished, fiscal cliff. so we want to know what other phrases should be banned and why? tweet us. we have your responses coming up next. [ male announcer ] at scottrade, you won't just find us online, you'll also find us in person, with dedicated support teams at over 500 branches nationwide. so when you call or visit, you can ask for a name you know. because personal service starts with a real person. [ rodger ] at scottrade, seven dollar trades are just the start. our support teams are nearby, ready to help. it's no wonder so many investors are saying... [ all ] i'm with scottrade. it's no wonder so many investors are saying... i've always kept my eye on her... but with so much
Search Results 0 to 6 of about 7